Türkçe
Español
The cryptocurrency markets are always bustling with activity, and it can be challenging to make sense of what’s happening when you fall behind. That’s why it’s important to closely monitor the markets because it’s not all about technical analysis. Today, we will delve into critical details on both the technical and fundamental analysis sides. So, what can we expect?
Cryptocurrencies at Their Lows
There are only 5 days left until the end of September, which has been a volatile month for cryptocurrency investors. The losses in Bitcoin price at the end of August, historically marking a bearish period, have amplified investors’ fears in September. Risk appetite has significantly decreased, and today, on the first business day of the week, the cumulative market capitalization of cryptocurrencies has dropped to $14 billion.
If we remember the glorious days of 2021’s price surges, we would see that Dogecoin alone accounted for a $40 billion market capitalization in a single day. However, those days are long gone, and despite the two years that have passed and the number of BTC investor wallets reaching ATH, the current situation is not the same.
Pay Attention to Last-Minute Developments in Cryptocurrencies
Soon, we will witness three major developments becoming breaking news. These are likely to trigger volatility, and investors need to be cautious.
- Summary Judgment Appeal: The SEC, unsatisfied with Ripple’s victory in July, has applied to the second chamber for the appeal of the summary judgment. The decision on this application is likely to be made in the coming days. If the appeal for the summary judgment is approved (approval for appeal hearing), it will have a negative impact on XRP Coin and other altcoins that have been classified as securities. What if it is rejected? In that scenario, a rapid recovery would not be surprising.
- GBTC Objection: Until the beginning of the second week of October, the SEC can object to the court decision regarding GBTC. They have the right to request a new hearing with the participation of all members, although it is not an appeal. Since this final decision was made with the signatures of three members, it will be difficult for the SEC to succeed. If the SEC makes a statement that they will not take this path or the deadline expires at the beginning of the second week of October, optimism regarding ETF approval may re-emerge.
- US Department of Justice: Time is running out. Weeks ago, Bloomberg shared a leak suggesting that a lawsuit could be filed against the Binance exchange. The possibility of announcing the lawsuit is increasing day by day. If a lawsuit is filed, it could trigger massive sell-offs in cryptocurrencies. On the contrary, we may see a significant drop in the event of a different scenario.
